For instance, if you’re the director of a limited company then your business must submit a Company Tax Return and pay Corporation Tax. If you’re a self-employed sole trader, you must make Self Assessment submissions in order to pay income tax.
If you’re not too sure, you can check with HMRC or with your accountant.
What is Corporation Tax?
Corporation Tax is paid by incorporated organisations, such as limited companies, on the profits that they make.
The organisation must submit a Company Tax Return to HMRC, and the deadline for this is 12 months after the end of the accounting period it covers. Confusingly, the deadline to pay your bill is usually 9 months and one day after the end of the accounting period.
What is a Self Assessment tax return?
Self Assessment is used to tell HMRC about any income that you might need to pay tax on. For instance, if you’re a sole trader, a partner in a partnership (and for the partnership itself), or the director of a limited company.
Submitting Self Assessment doesn’t always mean you’ll have a bill to pay, and can sometimes result in a tax rebate.
Our friendly team of accountants are all based in our offices in London and in the Northwest, but because we operate digitally, we can work with you wherever you are.
As well as taking care of your tax return for you, we’ll make sure you’re as tax efficient as possible! You can also talk to your accountant as often as you need to, all through the year.
When should I submit my tax return?
The deadline for submitting your tax return depends on the type of tax return that it is. For example, a limited company must submit a Company Tax Return no later than 12 months from the end of the accounting period that the return covers.
A self-employed tax return or partnership tax return through Self Assessment is normally due by 31st January following the end of the tax year. Our guide explains things in more detail!
Do sub-contractors need to submit tax returns?
If you work in construction as a sub-contractor, your contractor makes CIS deductions from the payments they make to you, but you will still need to submit your own tax return as a self-employed person.
The good news is that some sub-contractors pay too much tax during the year, and then get this back once they submit their tax return.
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